The State Bank of India, as a Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Vijay Trading Company Private Limited, the Corporate Debtor, due to a default on a financial debt. The application was filed after a delay of 1450 days, which the petitioner sought to condone. The Corporate Debtor argued that the application was barred by limitation. The Financial Creditor had granted loan under Agreement of Loan cum hypothecation/ letter of arrangement dated 28.03.2013. A letter of confirmation was issued for creation of mortgage on 30.03.2013. Thereafter, the memorandum recording creation of mortgage, by deposit of title deeds, dated 28.03.2013 was issued. The date of default was 30.04.2013, and the date of NPA
…State Bank of India (SBI) extended financial facilities to Vijay Trading Company Private Limited. The total outstanding debt amounted to Rs. 66.16 crores as of 07.11.2019. The date of default was 30.04.2013, and the date of NPA was 28.07.2013. SBI filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against Vijay Trading Company Private Limited. There was a delay of 1450 days in filing the application. The Corporate Debtor contended that the application was barred by limitation. The Vindyavasini Group of Companies, which includes the Corporate Debtor, proposed a compromise settlement of Rs. 250 crores on 16.05.2019. SBI issued a recall notice on 28.05.2014 and a notice under the Securitisation Act on 28.07.2013. The debt
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The Petitioner entered into an Agreement of…
A letter of confirmation…
The State Bank of India, as a Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Vijay Trading Company Private Limited, the Corporate Debtor, due to a default on a financial debt. The application was filed after a delay of 1450 days, which the petitioner sought to condone. The Corporate Debtor argued that the application was barred by limitation. The Financial Creditor had granted loan under Agreement of Loan cum hypothecation/ letter of arrangement dated 28.03.2013. A letter of confirmation was issued for creation of mortgage on 30.03.2013. Thereafter, the memorandum recording creation of mortgage, by deposit of title deeds, dated 28.03.2013 was issued. The date of default was 30.04.2013, and the date of NPA
…State Bank of India (SBI) extended financial facilities to Vijay Trading Company Private Limited. The total outstanding debt amounted to Rs. 66.16 crores as of 07.11.2019. The date of default was 30.04.2013, and the date of NPA was 28.07.2013. SBI filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against Vijay Trading Company Private Limited. There was a delay of 1450 days in filing the application. The Corporate Debtor contended that the application was barred by limitation. The Vindyavasini Group of Companies, which includes the Corporate Debtor, proposed a compromise settlement of Rs. 250 crores on 16.05.2019. SBI issued a recall notice on 28.05.2014 and a notice under the Securitisation Act on 28.07.2013. The debt
…The Petitioner entered into an Agreement of…
A letter of confirmation…